RCB tops lo­cal bank re­li­a­bil­ity in­dex

Financial Mirror (Cyprus) - - FRONT PAGE -

RCB Bank Ltd., one of four lo­cal sys­temic banks that un­der­went strin­gent cap­i­tal stress tests by the Euro­pean Cen­tral Bank last month, has topped the Cyprus Banks Re­li­a­bil­ity Rat­ing, an in­dex con­ducted by RAI for the por­tal Stock­watch. The survey among 500 house­holds saw RCB rise one place year-on-year from Novem­ber 2013 to the top of the rank­ings, re­plac­ing Hel­lenic Bank that now shares sec­ond with the Li­mas­sol Co­op­er­a­tive Bank.

“We are very grate­ful for the recog­ni­tion of our high re­li­a­bil­ity rank­ing, and the qual­ity of ser­vices pro­vided by our bank. We aim to not sim­ply meet our clients’ re­quire­ments but ex­cel in do­ing so, of­fer­ing them a level of ser­vice higher than their ex­pec­ta­tions”, said the bank’s CEO Kir­ill Zi­marin.

RCB Bank Ltd. was es­tab­lished in 1995 as the Rus­sian Com­mer­cial Bank and presently op­er­ates branches in Nicosia, Li­mas­sol and Lux­em­bourg.

Hav­ing passed the ECB stress tests with fly­ing colours, with a re­ported Core Tier 1 cap­i­tal ra­tio of 16.78%, dou­ble the min­i­mum re­quire­ments, RCB Bank an­nounced a week ago that it com­pleted a $124 mln eq­uity cap­i­tal in­crease by at­tract­ing a strate­gic in­vestor, Rus­sia’s Otkri­tie Fi­nan­cial Cor­po­ra­tion Bank, tak­ing a 19.85% stake and boost­ing eq­uity to beyond $500 mln. RCB’s main founder share­holder, the VTB Group, has now re­duced its di­rect stake to 46%.

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